HomeMy WebLinkAboutExhibit 1CITY OF MIAMI GENERAL EMPLOYEES' AND
SANITATION EMPLOYEES' RETIREMENT TRUST
Excess Benefit Budget Approved By Board of Trustees on May 25, 2011
For the fiscal year ending September 30, 2012
Personnel Services
512000 Salaries & Wages
- Based on expected cost of excess benefit salaries (5% of GESE's Budget)
1 Pension Administrator
1 Treasurer
1 Chief Accountant
1 Assistant to the Administrator
1 Administrative Assistant III
1 Payroll Specialist I1
1 PensionGold Special Projects Administrator
1 Administrative Aide I
1 Receptionist
521000 Payroll Tax Expense
- Based on 10% of Excess Salary expenditure (Nothing to do with GESE)
523000 Life & Health Insurance
- Health Insurance (I % of GESE's Budget)
524000 Workers' Compensation
- Based on estimated amount (1% of GESE's Budget)
Professional Services
S45,788
4,579
2,076
10
531000 Consulting Actuary
- Fee per contract for Excess actuarial valuation. 25,000
- For possible Incentive / Special Projects(Not based on GESE Budget) 10,000 35,000
531000 Computer Specialists
- 5% of GESE's budget 5,350
531010 Legal Fees
- 5% Ronald Silver attorney fees • 4,505
Office & Administrative
541000 Communications & related services
- Local, long distance, Internet and cell phone service - 1% of GESE's budget 400
Q:\201 1 \Budget 1 1 \2012 Annual Budget \ExcessAnnualApproved20 ] 2.XLS
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Exhibit A 1 Excess
C.R. 5/25/20115:51 PM
541100 Postage
- Based on estimated amount (1% of GESE's Budget)
547100 Printing & Binding - Outsourcing
- Based on 5% of GESE's Budget
548100 Advertising & Related Costs
- Based on 1% of GESE Budget
551000 Office Supplies
- Amount based on 1% of GESE budget
Insurance & Occupancy
545000 Insurance - Commercial property & liability
- Based on estimated amount and 1% of GESE budget
545000 Insurance - Fidelity & Fiduciary
- Based on 1% of GESE Budget
543000 Utility Services
- Electricity, water, sewer & garbage based on 1% of GESE Budget
544000 Rentals & Leases
- Based on estimated amount and 1% of GESE budget
546000 Repair & Maintenence Services
- Customizations to PensionGold
- Based on 1% of GESE maintenance
546000 Emergency Reserve for hurricane repairs...
- Amount based on 10% of GESE Budget
559000 Depreciation
- Depreciation of Bridgeport bldg based on 1% of GESE Budget
664000 Machinery & Equipment
- Amount based on estimated purchases based on current market prices
to accommodate the Excess Benefit Plan. (Not based on GESE Budget)
CITY OF MIAMI GENERAL EMPLOYEES' AND
SANITATION EMPLOYEES' RETIREMENT TRUST
Excess Benefit Budget Approved By Board of Trustees on May 25, 2011
For the fiscal year ending September 30, 2012
250
750
50
450
400
600
280
400
15,000
1,824 16,824
1,500
450
5,000
TOTAL ADMINISTRATIVE COSTS $124,661
ACTUARIAL FUNDING REQUIREMENT
- Based on actuarial valuation to determine estimated required contribution
for FY 2011 /2012
$500,000
TOTAL BUDGET $624,661
Q:\201I\Budgetl1\2012 Annual Budget\ExcessAnnualApproved2012.XLS
Exhibit A 2 Excess
C.R. 5/25/20115:51 PM